States spending money on subsidies while pensions remain underfunded

We found that in all 10 states, the total annual cost of corporate subsidies, tax breaks and loopholes exceeds the total current annual pension costs for the main public pension plans administered by the states, a report stated.

By Dan Berman|January 31, 2014 at 06:49 AM|Originally published on Benefitspro.Com

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States who defer making contributions to cash-strapped public pension funds spend billions on tax subsidies while politicians look to employees for the money needed to shore up the retirement systems, an examination of 10 states found.